OPIC Reports Fiscal Year 2010 Net Income of $259.9 Million
November 17, 2010
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today announced net income of $259.9 million and a positive net contribution to the federal budget of $352 million in fiscal year 2010. This represents the 33rd consecutive year that OPIC has made a contribution to the budget.
OPIC’s net contribution was reported in the Treasury Department’s Final Monthly Treasury Statement of Receipts and Outlays of the U. S. Government, which details the federal budget deficit for fiscal year 2010.
OPIC’s earnings were generated through financing and insurance provided to support U.S. businesses investing overseas, as well as interest earned on accumulated reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. foreign policy, and support growth in U.S. jobs and exports. In FY 2010, OPIC provided $2.4 billion in new market-based financing and political risk insurance to U.S. businesses across 97 projects.
Additionally, those OPIC-supported projects had a significant developmental impact both in the United States and in host countries. They are estimated to generate $624 million in U.S. exports and to support nearly 1,000 American jobs. Eighty of the 97 projects for the fiscal year involved U.S. small businesses.
“OPIC has once again met its statutory obligation to be self-sustaining at no net cost to the American taxpayers,” said Elizabeth L. Littlefield, President and CEO. “We are also pleased to be able to contribute positively to the budget in challenging fiscal times.”
“In the process OPIC has advanced America’s strategic interests by opening up new markets for American goods and services. The OPIC model of development assistance, embodied in our annual contribution to the federal budget, represents good value for the American taxpayer,” Ms. Littlefield said.
OPIC’s financial statements received an unqualified (or clean) audit opinion from KPMG LLP, its independent external auditors. OPIC’s fiscal year 2010 performance compares favorably to FY 2009, when the agency generated $390 million in revenue and $242 million in net income.
Since the establishment of the agency in 1971, OPIC projects have supported more than 274,000 U.S. jobs and $74 billion in U.S. exports. OPIC has generated reserves of about $5 billion from its transaction earnings and not from Congressionally-appropriated funds.